Barcelona’s startup started Covid’s barrage in the travel industry and now plans to take on the US market.
Betting on a bounce back in business travel, Barcelona’s TravelPerk has raised $ 160m to expand into Europe and the US.
The startup builds a business travel management platform for finding and booking flights and accommodation and invoicing management.
Like the broader travel industry, business travel has suffered in recent years, but TravelPerk said keeps its team of more than 500 employees during the pandemic.
The Series D rotation came from equity and debt, led by Greyhound Capital, while TravelPerk expects to reopen travel with vaccine roll-outs and so-called ‘passport vaccines’ that are expected to allow people who are free to travel.
Existing investors DST, Kinnevik, Target Global, Felix Capital, Spark Capital, Heartcore, LocalGlobe, Amplo and 14W also participated.
Since its founding in 2015, TravelPerk has gained a foothold in Europe but it is now looking at expanding its presence in the US. In January, it acquired U.S. rival NexTravel, whose clients include Yelp and Stripe, in a bid to prepare for the reopening of the American travel market.
Chief executive Avi Meir said the new landscape for business travel will require more flexibility in booking and management.
“Business travel will always be necessary. But last year’s events fundamentally changed the expectations and preferences of businesses,” Meir said.
“Over the last 12 months, we have continued to innovate to meet the changing needs for travelers navigating the complex travel environment during the Covid era, and continue to grow as a company during one of the worst crises ever seen. of the industry – doubling our travel budget under management nowadays. “
Last year, the start build a new API to help companies in the travel industry collect and manage different travel restrictions and health protocols from each country, and further developed the FlexiPerk product for managing final cancellations.
The latest funding round brings TravelPerk’s total funding to date to approximately $ 294m. This marks another significant round in funding of late in the travel-tech space as investors gain confidence in the return of the travel industry.
In January, TripActions, another business travel platform, raised $ 155m on a $ 5bn valuation.